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Irrevocable Standby Letter of Credit

An irrevocable standby letter of credit is an agreement between Duke Energy and a bank. Duke Energy will accept an irrevocable standby letter of credit in lieu of a cash deposit. Irrevocable standby letter of credit characteristics are

  • Produced by banks; the Duke Energy customer pays the bank a fee for the letter of credit.
  • Can be renewed annually but usually expires after one year.
  • If the bank wants to cancel the irrevocable standby letter of credit, they must do so in writing and allow 60 days written notification.
  • The irrevocable standby letter of credit must be printed on bank letterhead with an authorized signature and bank seal.
  • Irrevocable standby letters of credit are mailed to Duke Energy.

Example Irrevocable Standby Letter of Credit Form (PDF, 53 KB)

Note: If using Adobe Acrobat version 5.0 or greater, your bank can type into the form's blank fields and print the document.

         

Irrevocable Standby Letter of Credit Form Instructions:

  1. Bank completes the form.
  2. Print the form on bank letterhead.
  3. Have Bank Officer sign and seal the letter.
  4. Retain a copy for your records.
  5. Mail the original copy to

Duke Energy Company
Attn: DT01X Irrevocable Letter of Credit Desk
9700 David Taylor Drive
Charlotte, N.C. 28262